China Animal

China Animal: NRA Capital removing the stock off its Buy List. House note that share price hit a recent high of $0.29 yesterday. There is still no firm announcement on its possible delisting although its 10 April 2013 announcement on a fund raising exercise with Lily Nederland Holdings BV for $120m provides the much needed funds for the exercise. The subscription price for the new shares and warrants is $0.30 which is also the indicative exit offer price of China Animal of $0.30 should it decide to proceed with its delisting plans. Given that these plans are now likely to proceed with the requisite funding now in place, and with the exit price just 3.44% higher than yesterday's price of $0.29 - there is little further upside for existing shareholders. Investors who are not prepared to go through the proposed delisting exercise should and when it is triggered, should considering selling their shares in the market now.